1362 W Mulberry St · Springfield, OH 45506

$165,000

6 bd · 3.0 ba · 2,400 sqft · MultiFamily public records · 3 Days on market

Built 1948 5,850 sqft lot Est $127k · 30% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Calling all investors! Whether you're looking for your first investment property or adding to an existing portfolio, this fully rented duplex is one worth checking out. With established tenants already in place, you can start generating income from day one. This versatile property also offers a great opportunity for an owner-occupant. Live in one unit while renting the other to help offset your mortgage and build equity at the same time. Conveniently located and offering strong rental potential, this multifamily property is an excellent addition to any real estate strategy. Don't miss your chance to own an income-producing property with plenty of possibilities!

Key facts

• Fully rented duplex
• Multifamily property
• Established tenants

Tags

• FULLY RENTED DUPLEX
• ESTABLISHED TENANTS
• OWNER-OCCUPANT OPPORTUNITY
• STRONG RENTAL POTENTIAL
• MULTIFAMILY PROPERTY
• INCOME-PRODUCING PROPERTY

Property features AI

Exterior

• Utilities: Public sewer
• Home design: Multi-family property; Built in 1948
• Construction: Block construction; Block foundation
• Exterior features: Duplex with two total units; Supplied water

Interior

• Flooring: Carpet; Hardwood; Linoleum; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Smoke detectors installed

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $720/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Cap rate 16.8% vs local median 4.7% in Springfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fulton Elementary School (math 9% / reading 16%, grade F, #1,433 of 1,584 statewide, top 90%, 368 students, 0% FRL); Hayward Middle School (math 15% / reading 14%, grade F, #630 of 654 statewide, top 97%, 339 students, 0% FRL); Springfield High School (math 17% / reading 31%, grade F, #665 of 781 statewide, top 85%, 1,516 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 45 active listings in the ZIP; lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $3,146/mo this rent would consume 90% of the median local household income ($42k/yr) (locally 684% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $120k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.91% ✓
• Cap rate: 16.76%
• Cash-on-cash: 37.40%
• DSCR: 2.66
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $127,200
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1362 W Mulberry St	0.00mi	6/2.0	2,400 (0%)	2mo	$120,000	$50	94
207 N Bechtle Ave	0.51mi	6/2.0	2,176 (-9%)	2mo	$115,000	$53	55
418 Dayton Ave	0.21mi	5/2.5 (-1)	2,752 (+15%)	5mo	$125,000	$45	54
935 W North St	0.58mi	5/2.0 (-1)	2,716 (+13%)	7mo	$200,000	$74	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.3%
• Equity multiple: 2.41×
• Total profit: $64,948
• Equity at exit: $24,602

10-year hold

• IRR: 40.3%
• Equity multiple: 4.78×
• Total profit: $174,586
• Equity at exit: $14,266

Cash invested: $46,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45506

• Home prices YoY: -14.1%
• Active inventory: 45
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $3,146 high
• Mortgage (P&I): −$865
• Tax from tax record: −$112 /mo · $1,339/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$661
• Net cashflow: $1,440

Break-even live

Break-even rent $1,324

Max offer price $165,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,533	-5% $1,486	+0% $1,440	+5% $1,393	+10% $1,346
Rent	-10% $1,191	-5% $1,315	+0% $1,440	+5% $1,564	+10% $1,688
Rate	-1.0pp $1,523	-0.5pp $1,482	base $1,440	+0.5pp $1,397	+1.0pp $1,353

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,146
Total (2 units)			$3,146

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-22
   days on marketlisting id $165,000 Active 3 DOM
2. 2026-06-19
   remarks 669-char remark

   Show marketing remark (669 chars)

   Calling all investors! Whether you're looking for your first investment property or adding to an existing portfolio, this fully rented duplex is one worth checking out. With established tenants already in place, you can start generating income from day one. This versatile property also offers a great opportunity for an owner-occupant. Live in one unit while renting the other to help offset your mortgage and build equity at the same time. Conveniently located and offering strong rental potential, this multifamily property is an excellent addition to any real estate strategy. Don't miss your chance to own an income-producing property with plenty of possibilities!

3. 2026-06-19
   listed $165,000 Active 1 DOM

   Show marketing remark (669 chars)

   Calling all investors! Whether you're looking for your first investment property or adding to an existing portfolio, this fully rented duplex is one worth checking out. With established tenants already in place, you can start generating income from day one. This versatile property also offers a great opportunity for an owner-occupant. Live in one unit while renting the other to help offset your mortgage and build equity at the same time. Conveniently located and offering strong rental potential, this multifamily property is an excellent addition to any real estate strategy. Don't miss your chance to own an income-producing property with plenty of possibilities!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,339 · $112/mo
• Projected year-2 tax: $1,957 · $163/mo
• Expected delta: +$617/yr (+$51/mo · 46.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,752
• − Mortgage interest: −$9,243
• − Property taxes: −$1,339
• − Insurance: −$825
• − Repairs & maintenance: −$3,020
• − Management: −$3,020
• − Depreciation: −$4,800
• Taxable income: $15,505
• Est. tax owed @ 24.0%: −$3,721
• After-tax cash flow: $13,555/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Springfield City School District
• NCES district ID: 3904481
• Math proficiency: 20% ▼ -16.00%
• Reading proficiency: 27% ▼ -12.00%
• Median HH income: $32,541
• Composite: 19.12/100
• National rank: #8834
• State rank: #616 of 656 in OH

Livability — Springfield

• Score: 56/100
• State rank: #1108
• US rank: #22551

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, OH
• County: Clark County · 33,261 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 13,435
• Household income: $42,104
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 684.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 130,703 people
• By 2030: 126,952 · -2.9%
• By 2040: 118,344 · -9.5%
• By 2050: 109,590 · -16.2%
• By 2075: 89,464 · -31.6%
• By 2100: 68,810 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -27.0pp toward R · 2008: -2.5pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+23.3 2016: R+19.5 2012: R+1.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.97%
• Current HPI: 286.2883
• Rent YoY: —
• Metro: Springfield, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+94.1% since first listed

10 events — show timeline

• 2026-06-19 Listed $165,000 Dayton MLS
• 2026-06-18 Price Changed $165,000 WRIST
• 2026-06-18 Listed $175,000 WRIST
• 2026-04-14 Sold (MLS) $120,000 Dayton MLS
• 2026-04-14 Sold (MLS) $120,000 WRIST
• 2026-03-08 Contingent — WRIST
• 2026-03-08 Contingent — Dayton MLS
• 2026-03-07 Listed $120,000 Dayton MLS
• 2026-03-07 Listed $120,000 WRIST
• 2022-05-05 Sold (Public Records) $85,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,339 · +35.2% YoY. Source: county tax records.